Acct 209 Statement of Retained Earnings
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Do you calculate for depreciation in the statement of retained earnings?
No. Depreciation expense is shown on the income statement and the accumulated depreciation is shown on the balance sheet as a contra asset under equipment.
What should you do first; The statement of retained earnings or the income statement?
The income statement to obtain the net income which is used to the statement of retained earnings
What factors are used on the statement?
Beginning RE Net income Dividends
What is the purpose of a statement of retained earnings?
Shows how net income & dividends causes change in a company's financial position during a period of time
